If you’re a veteran or member of the military hoping to buy a home in Maryland, there’s a new program that could save you some money.
Gov. Larry Hogan (R) announced a $20-million initiative on Memorial Day that would make it easier for veterans and military families to buy homes in 86 communities across the state.
Under “You’ve Earned It!”, active-duty military, including Reserves and National Guard, as well as honorably discharged and disabled veterans could qualify for a 2.75 percent fixed-rate 30-year mortgage and up to $10,000 in down-payment assistance.
The program will be available until the $20 million is exhausted, state officials said.
“I am very proud of this new initiative, which helps our brave men and women in uniform and their families to achieve the American dream of homeownership and establish roots here in Maryland,” Hogan said in a statement. “The program is not only good for our economy, but good for our communities.”
Earlier his month, Maryland announced another phase of the “You’ve Earned It!” initiative that offers assistance to homebuyers with more than $25,000 in student loan debt.
The funds are available only for home purchases in neighborhoods that are part of Maryland’s Sustainable Communities, a program that aims to strengthen investment and revitalization in older communities across the state.
Several Washington suburbs are on the list, including Bowie, College Park and Greenbelt in Prince George’s, as well as Aspen Hill, Chevy Chase and Gaithersburg in Montgomery. There is at least one community in each of Maryland county and Baltimore City.
Maryland officials hope the program will encourage economic investment in these older communities, while helping service members build roots in the state.
“Through this program, we are opening the door to homeownership for families who have earned it, while stimulating our housing market and changing Maryland’s economy for the better,” said Maryland Housing and Community Development Secretary Kenneth Holt.